Louisiana Deferred Comp For Ira In Kings
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State:
Multi-State
County:
Kings
Control #:
US-00418BG
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Word;
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Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a date after which the income is actually earned. A Deferred Compensation Agreement is a contractual agreement in which an employee (or independent contractor) agrees to be paid in a future year for services rendered. Deferred compensation payments generally commence upon termination of employment (e.g., retirement) or death or disability before retirement. These agreements are often geared toward anticipated retirement in order to provide cash payments to the retiree and to defer taxation to a year when the recipient is in a lower bracket. Although the employer's contractual obligation to pay the deferred compensation is typically unsecured, the obligation still constitutes a contractual promise.
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Questions regarding §457 maximums and refunds should be directed to Louisiana Deferred Compensation at or toll free at . Who is eligible to enroll?All current full-time and part-time Louisiana public employees are immediately eligible to participate in the Plan. Only one type of §457. The automated election on this form will apply to the current year and future required payments. If you are eligible to retire after January 1, 2004, and you choose to enter DROP, you will automatically be enrolled in the Self-Directed Plan. You are eligible to enroll immediately following your date of hire. Enrollment. The DROP provides a way for members who are eligible to retire to continue working while receiving a retirement benefit. Make your investment election for future deposits in the Investment Option Information section.